Rupee :

Price in RS :

Oct. 3 (Bloomberg) -- Copper rose in New York, halting a five-session slide, as U.S. lawmakers passed a bank rescue plan designed to unlock credit markets and revive economic growth.

Congress approved the $700 billion measure, reversing a vote earlier this week, to provide financial companies with a way to unload illiquid assets and boost investor confidence. The vote followed a report of the worst U.S. job losses in five years. Copper tumbled 16 percent in the previous five sessions on concern that a global economic slump may reduce demand.

The market was poised for ``a substantial `relief rally' should the House pass the revised proposal,'' Edward Meir, an analyst at MF Global Ltd. in Darien, Connecticut, said in a report today before the bill passed.

Copper futures for December delivery climbed 6.25 cents, or 2.4 percent, to $2.69 a pound on the Comex division of the New York Mercantile Exchange.

President George W. Bush signed the rescue measure into law, praising today's vote in the U.S. House of Representatives. The House approved the proposal in a 263-171 vote, four days after rejecting an earlier version.

``The market is really looking at this rescue plan today and copper is moving up on the hope that it passes,'' Matthew Zeman, a trader at LaSalle Futures Group in Chicago, said before the vote. ``Hopefully it will help the economy overall and that would be good for copper demand.''